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FINANCIAL NEWS
Foreign deposits with UAE banks in H1 rise by USD4b
09 Oct 2011
(MENAFN) UAE’s central bank said that in the year’s first six months, foreign banks increased their deposits in the country by USD4 billion to USD18 billion from USD14 billion in 2010’s same period, reported Emirates 24/7.
The bank added that the increase resulted form the country’s local recovery and the global economic uncertainty which encouraged foreign banks to return to the UAE.
It also said that in spite of the increase in foreign assets, banks kept their debtor status as net foreign assets remained negative at the end of June at USD7.8 billion compared with USD10 billion at the end of last year.
It is worth noting that most of the surge in deposits was in June, where they rose by USD2.4 billion, moreover, the rise enhanced the country’s banks total foreign liabilities from USD73.9 billion at the end of last year to almost USD78.8 billion.
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